General Atlantic Purchases Minority Stake in TBO Tek

Date:

Key Takeaways

  • General Atlantic buys a minority stake in TBO Tek from Affirma Capital.
  • Founded in 2006, TBO reported a gross transaction value of $2.7 billion in 2023.
  • TBO’s platform enhances travel experiences by connecting suppliers and buyers.
  • TBO’s co-founders anticipate further growth and technology enhancement with General Atlantic’s support.
  • General Atlantic envisions vast potential for TBO, including global expansion.

TBO, established in 2006, has a gross transaction value of $2.7 billion in 2023.

The platform streamlines travel by connecting various suppliers, including hotels, airlines, and car rentals, with buyers.

Remarks from TBO’s Leadership

According to a PhocusWire release, Gaurav Bhatnagar and Ankush Nijhawan, TBO’s co-founders, emphasized the platform’s growth strategy, driven by expanding their user base and leveraging technology to improve buyer experience.

Expressing gratitude to Affirma Capital, they anticipate leveraging General Atlantic’s expertise for the next growth phase.

General Atlantic’s Vision

The release noted that Shantanu Rastogi, from General Atlantic, praised TBO’s mission of simplifying travel sales.

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Seeing TBO’s potential, especially in global expansion, General Atlantic is keen to support TBO’s future trajectory.

General Atlantic has previously invested in travel firms like Kiwi.com, FlixMobility, and VNLife.

Affirma Capital’s Continued Involvement

Per the release, Udai Dhawan of Affirma Capital reflected on TBO’s evolution since their 2018 investment.

Affirma Capital remains optimistic about TBO’s potential to revolutionize the travel tech space and will maintain a significant minority stake.

TBO’s Investment History

This marks the third instance of TBO bringing onboard new investor shareholders.

After Affirma’s stake, Naspers invested in TBO in 2012, which was later sold to Standard Chartered.

Additionally, TBO secured a stake in B2B accommodation provider Bookabed earlier this year.

What Do We Think?

TBO Tek’s acquisition by a globally recognized firm like General Atlantic is a testament to its continuous innovation and potential in the travel tech industry.

As the travel sector evolves, collaborations like these will be pivotal in shaping the future of travel.

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Learn more in the entire PhocusWire release.

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